August 22, 2025: Markets Surge on Powell Speech, US 10% Equity in Intel, More

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Episode Transcript

Speaker 1 (00:00):
News when you want it with Bloomberg News Now, I'm
Dan Schwartzman. Wall Street ends a five day losing shriek
with a record setting day as the Dow gained eight
hundred and forty six points, a nearly two percent spike.
The NAZAC also ended the day close to a two
percent gain, advancing three hundred ninety six points on the
S and P five hundred gain ninety seven points, or
one and a half percent. Markets reacting to fed share

(00:22):
Drome Palace speech on Friday from the Federal Reserve Symposium
in Jackson Hole, Wyoming, where Powell suggested an interest rate
cut is on the table in September due to risks
to the labor market. Here's powellin remarks broadcast on Bloomberg Radio.

Speaker 2 (00:35):
Overall, while the labor market appears to be in balance,
it is a curious kind of balance that results from
a marked slowing in both the supply of and demand
for workers. This unusual situation suggests that downside risks to
employment are rising, and if those risks materialize, they can
do so quickly in the form of sharply higher layoffs

(00:55):
and rising unemployment.

Speaker 1 (00:57):
That's fedchair Drome Powell the Trump administration stopped all work
on an offshore wind farm off the coast of Rhode Island.
The project is eighty percent complete, with all offshore foundations
and forty five out of sixty five WIN turbines already installed,
with the project set to be operational next year. Danish
from Horstead, who is building the wind turbines, say it
is quote evaluating all options to resolve the matter expeditiously.

(01:20):
The Revolution WIN project, which would provide power to three
hundred and fifty thousand homes in Rhode Island in Connecticut,
was approved by the Biden administration. In twenty twenty three.
President Trump met with Intel's chief executive officer Lipbutan at
the White House to finalize the deal, giving the US
government a nearly ten percent equity stake in the chip maker.
The government will receive four hundred and thirty three point

(01:41):
three million shares of common stock in Intel. Trump gives
details on the meeting with ten said, I.

Speaker 3 (01:46):
Think it would be good having the United States as
your partner here agreed, and they've agreed to do it,
and I think it's a great deal for them, and
I think it's a great deal. He walked in wanting
to keep his job, and he ended up giving US
ten billion dollars to the United States.

Speaker 1 (01:59):
Meanwhile, Trump administration officials says the administration will not seek
to take equity stakes and ship makers that are boosting
their US investments. Canada extended a dollar branch to President
Trump and will now remove italiatory tariffs on US made
products that comply with the US Mexico Canada trade agreement.
Canada will, though, keep in place of twenty five percent
tariffs on US mate steel and aluminum, as well as

(02:21):
on US made autos, according to Dominic LeBlanc, the minister
responsible for Canada US trade. In a Bloomberg television interview,
LeBlanc says Canada is confident of reaching a trade deal
with the US that is beneficial to both countries. Bloomberg's
Michael McKee says this is significant because this suggests a
deal between both countries may be possible. The bigger question, though,
is what would the deal include.

Speaker 4 (02:42):
The questions will really be on autos and steel, and
perhaps on energy, because those cross the border a lot
from Canada and the United States, and they have been
tariffed by the administration even before he put on the other.

Speaker 1 (02:58):
Tarft hear more from Michael McKeon the Bloom Balance of
Power podcast. Five passengers, all adults, were killed, with many
more injured after tour bus returning to New York City
from Niagara Falls with fifty four people on board, flipped
over on the highway. Police say the crash happened on
I ninety, twenty five miles east of Buffalo Stay. Police
say the driver who survived the accident got distracted before

(03:19):
losing control of the bus, then over corrected before the
bus flipped over on the right shoulder. Both the Maryland
home and the Washington d C. Office of former Trump
National security advisor John Bolton was searched Friday morning by
the FBI. Reports say that federal agents were searching for
classified records that Bolden supposedly possessed. The Justice Department has
released redactive transcripts of a recent interview conducted by Deputy

(03:42):
Attorney General Todd Blanche with Jeffrey Epstein's former associate Gilaine Maxwell.
In the interview, Maxwell says she never saw President Trump
quote in any inappropriate setting. Maxwell, who has granted limited immunity,
also said that former President Bill Clinton did not engage
a massages or activities with underage girls Girls. Round two
of the PGA Tour Championship complete from East Lake Golf

(04:03):
Club in Atlanta, Georgia, with Tommy Fleetwood and Russell Henley
atop the leaderboard heading into the weekend at thirteen under
two strokes at a Cameron Young Scottie Scheffler sits five
strokes back in sixth place at eight under, with Rory
McElroy one stroke behind Scheffler. That's news when he won
it with Bloomberg News. Now I'm Dan Schwartzman, and this
is Bloomberg